Evergas acquired by Seapeak

Structured as an all-cash acquisition, the definitive transaction entered into by Seapeak secures the total purchase of Greenship Gas Trust and Greenship Gas Manager Pte. Ltd., known collectively as Evergas, from holding company Jaccar Holdings. Formally announced in late October 2022 and definitively completed in early January 2023 following the satisfaction of customary closing conditions, the share purchase agreement transfers the entirety of the target's operating subsidiaries to the acquiring maritime group. Under the governance terms established upon closing, the target entity is fully absorbed to operate as a wholly owned corporate subsidiary, with its maritime and technical personnel transitioning directly under the unified Seapeak brand. The strategic rationale articulated by the acquiring executive board focuses on commercial customer diversification and the strategic integration of major petrochemical contracts. Central to this investment thesis is the immediate acquisition of long-term commercial exposure to global chemical producer Ineos, which retains the target's primary tonnage under multi-year, fixed-rate timecharter contracts. By internalizing this client relationship, the corporate transaction integrates the buyer directly into the supply chain supporting liquefied gas exports from the United States to international processing facilities. Furthermore, the combined operational platform establishes a collaborative commercial foundation with Ineos to develop specialized maritime transport solutions for liquid carbon dioxide, addressing structural European industrial decarbonization mandates. For the seller, Jaccar Holdings, the execution of this share sale represents the divestment of a core asset under an institutional debt restructuring program negotiated with corporate creditors, as structured under the supervision of Executive Chairman Philippe Soulie. Sell-side financial engineering and transaction execution were conducted by Deutsche Bank, which acted as the exclusive financial adviser to Jaccar Holdings throughout the negotiation process.